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No Poaching from KPMG, Say Audit Firms

No Poaching from KPMG, Say Audit Firms

by Rick Turoczy on August 24, 2005

KPMG faces a penalty of up to $500 million as it attempts to negotiate a settlement with the Department of Justice over its marketing of questionable tax shelters — an agreement, sources say, that could come as early as this week. Reportedly, the hands-off policy is intended to help KPMG avoid the fate of Arthur Andersen, which was accused by federal prosecutors of obstructing an investigation into audit client Enron Corp. The firm’s conviction reduced the number of large accounting firms to four, leaving its rivals to pick up many of Andersen’s auditing clients and partners. A similiar fate for KPMG might incline regulators to intervene for the sake of competition and possibly break up the remaining firms, sources suggested to Bloomberg.

No Poaching from KPMG, Say Audit Firms

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